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t5008


#1

With CRA downloading a T5008 for each security, it would be great to have a different presentation for them in a slip summary, perhaps a horizontal table instead of the vertical presentation we get now…


#2

I would prefer that there was a reconciliation page that we could choose to download to that we could post everything at a different time rather than using the small screen to figure it out.

For instance, I could do the download and then set my staff off to prepare the return and reconcile the amounts to the slips fr me rather than me doing it at the download time.

Having the slips go to a down load page would allow us to use the full screen and tables like you requested.


#3

Is anyone else finding that all the T5008 slips downloaded from CRA have no ACB? Are you contacting every client to get the value? It also appears that most of my clients that have these slips recorded with CRA are not getting the slips mailed to them. What are the rest of you seeing?


#4

Not many of the ones I’ve seen have ACB. I imagine the issuing companies don’t want to take responsibility for determining or reporting on the ACB. Can’t really blame them unless the company is sure that the investment has been held in their account the whole time. Even then, there may be things that happen outside the account to change the ACB.


#5

I have looked back at clients’ prior years with CRA and they have significant T5008 transactions that were not reported on the T1, but they were never re-assessed. Is the T5008 purely an “information” slip that only needs to be included on the T1 “if necessary”?


#6

For the most part, your clients will not get actual T5008 slips mailed to them. Also, it is not very often the T5008 will be of much use to you other than to warn you that your client has had some stock or mutual fund dispositions during the year. The reason the client does not get the T5008 but the CRA does is because Brokerage Houses and Mutual Fund Companies are required to report disposals to the CRA every year. The only way the CRA can process this information is via the T5008 slip. Even though your client will likely not have a T5008 slip, what he will have somewhere buried among his junk mail is an “Annual Trading Summary” from his mutual fund salesman, fund company, or stock broker with details of all his open trading during the year. The fund companies are required to provide the client with this for all non-registered accounts and most of them comply. For the most part, they also provide the client with his ACB on the disposals. Whether the ACB provided to the client is accurate or not is the subject of a whole different topic.
If the client is dealing in stocks and shares his annual trading summary generally provides both Proceeds and Cost data. If not, the client has received by law (either via mail or electronically) a trade confirmation for every security purchased and/or sold during the year.

Most of the better brokerages have pretty accurate ACB information except I find they have a difficult time calculating ACB for stocks that have been sold prior to the settlement date of the purchase (ie day trading).

My wife and I each have RBCDI accounts and when I checked online there were T5008 slips for every trade we made during 2015 (both Canadian and US accounts). None of them had ACB’s, and I didn’t receive a single T5008 in the mail. I did receive complete trading summaries at the end of the year that did help somewhat in double checking what was bought and sold during the year.

If you do not report the dispositions that your client has received on a T5008 slip you do this at your own risk. One day the CRA will definitely catch up with your client.